Dietrich, Franz and List, Christian and Bradley, Richard (2016) Belief revision generalized: A joint characterization of Bayes' and Jeffrey's rules. Journal of Economic Theory, 162. pp. 352-371.
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Abstract
We present a general framework for representing belief-revision rules and use it to characterise Bayes's rule as a classical example and Jeffrey's rule as a non-classical one. In Jeffrey's rule, the input to a belief revision is not simply the information that some event has occurred, as in Bayes's rule, but a new assignment of probabilities to some events. Despite their differences, Bayes's and Jeffrey's rules can be characterized in terms of the same two axioms: "responsiveness", which requires that revised beliefs incorporate what has been learnt, and "conservativeness", which requires that beliefs on which the learnt input is "silent" do not change. (We give a precise technical definition of "silence".) To illustrate the use of non-Bayesian belief revision in economic theory, we sketch a simple decision-theoretic application.
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| Item Type: | Published Article or Volume | ||||||||||||
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| Keywords: | Belief revision, Bayesian conditioning, Jeffrey conditioning, learning, decision theory, fine-grained versus coarse-grained beliefs, unawareness | ||||||||||||
| Subjects: | General Issues > Decision Theory Specific Sciences > Economics General Issues > Formal Learning Theory Specific Sciences > Probability/Statistics |
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| Depositing User: | Christian List | ||||||||||||
| Date Deposited: | 25 Jun 2017 16:00 | ||||||||||||
| Last Modified: | 25 Jun 2017 16:00 | ||||||||||||
| Item ID: | 13154 | ||||||||||||
| Journal or Publication Title: | Journal of Economic Theory | ||||||||||||
| Official URL: | https://doi.org/10.1016/j.jet.2015.11.006 | ||||||||||||
| DOI or Unique Handle: | 10.1016/j.jet.2015.11.006 | ||||||||||||
| Subjects: | General Issues > Decision Theory Specific Sciences > Economics General Issues > Formal Learning Theory Specific Sciences > Probability/Statistics |
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| Date: | March 2016 | ||||||||||||
| Page Range: | pp. 352-371 | ||||||||||||
| Volume: | 162 | ||||||||||||
| URI: | https://philsci-archive.pitt.edu/id/eprint/13154 |
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